Nexon Co., Ltd.
3659 · Tokyo Stock Exchange (3659.T)Operating co.HighJapan
BTC held
1,717
as of Apr 28, 2021 · 0.008% of 21M
Value now
$131M
at BTC $76,305
Basic mNAV
119.73×
mkt cap $15.7B as of Sep 4, 2026
Sats per share
219
784M shares as of Aug 31, 2026
Cost basis
- Average cost per BTC
- $58,226
- Total invested
- $100M
- Unrealized gain
- $31M (+31%)
Treasury debt
- None — the $100M BTC purchase was funded from existing cash (less than 2% of cash and equivalents at the time).—
Recent activity
No BTC activity in 2026: the position of 1,717 BTC has been unchanged since the original ~$100M purchase announced April 28, 2021 at an average of $58,226/BTC, when Nexon became the first major listed Japanese company to put treasury cash into bitcoin. The position showed roughly $15M of unrealized gains (~15%) as of August 2026 tracker data.
Risk notes
Bitcoin is immaterial to the investment case — under 1% of Nexon's ~$15.8B market cap — so the stock trades on its gaming business (¥515.6B TTM revenue, profitable), not on BTC. The main treasury risks are accounting mark-to-market swings and the possibility the dormant position is quietly sold; there has been no accumulation strategy since 2021.
Sources
- https://bitcointreasuries.net/public-companies/nexon-co
- https://www.theblock.co/treasuries/3659.t
- https://www.coingecko.com/en/treasuries/companies/nexon-co-ltd
- https://news.bitcoin.com/japan-gaming-giant-nexon-buys-1717-bitcoins-btc-long-term-stability-liquidity/
- https://stockanalysis.com/quote/tyo/3659/
- https://bitcointreasuries.net/
Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding 3659 securities.